Coronavirus Business Interruption Loan Scheme (CBILS)
SWIG Finance is continuing to support SMEs, including those businesses who have been affected by the COVID-19 pandemic.
We are working in partnership with the British Business Bank to deliver the Coronavirus Business Interruption Loan Scheme (CBILS).
As part of CBILS, SWIG Finance can provide loans from £50,001 up to £250,000 to businesses in the South West region (up to £100k in Cornwall and the Isles of Scilly). Arrangement fees and the first 12 months interest will be paid by the government.
You gain access to lending via this scheme but you, the borrower, remain responsible for repayment of 100% of the outstanding facility at all times and not just the amount of the facility outside the coverage of the Government guarantee.
Please note: Where we can offer finance on normal commercial terms without the need to make use of the scheme, we will do so.
This is part of a wider scheme being delivered by British Business Bank to provide facilities of up to £5m for UK smaller businesses (SMEs) across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The scheme provides the lender with a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
CBILS is delivered by British Business Bank accredited lenders, CBILS will support the continued provision of finance to UK SMEs during the Covid-19 outbreak.
The Coronavirus Business Interruption Loan programme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. For full details visit www.british-business-bank.co.uk/CBILS